Gary''s Student wrote...
You can avoid VBA if the colors are standalone:

=IF(OR(A1="RED",A1="BLK",A1="BLU",A1="BRN",A1="GR N",A1="GRY",A1="WHT"),A1,
"sorry charlie")
....

Ugh! Brute force and entire cell content matching can be shortened to

=IF(OR(A1={"RED","BLK","BLU","BRN","GRN","GRY","WH T"}),A1,"not found")